If the demand for a product increases in an increasing cost industry, as the market adjusts in the long run:
a. price will rise.
b. the firm's per-unit cost will increase.
c. the firm's per-unit cost will fall.
d. the market price will return to its initial position.
b
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For country A, an import is a good produced in
A) country A and purchased by residents of country B. B) country A and purchased by residents of country A. C) country B and purchased by residents of country A. D) country B and purchased by residents of country B.
If, as a perfectly competitive industry expands, it can supply larger quantities at the same long-run market price, it is
A) a constant-cost industry. B) a fixed-cost industry. C) an increasing-cost industry. D) a decreasing-cost industry.
In order to continue its operations, in the long-run a firm must
a. Charge a price that is equal to its AVC b. Charge a price that is equal to its AFC c. Charge a price that is equal to its AVC + AFC d. Need more information to determine the price
China's initial economic reforms were in which sector?
A) Manufacturing B) Infrastructure C) Agriculture D) Mining